Commodity Market important Updates for 02 May 2017

Jeera trading range for the day is 19115-19925. Jeera prices gained on expectation of rising exports demand at the spot market.Moreover, the arrivals have been lower during the first 25 days of current month compared to last month same period too fuelled the uptrend . NCDEX accredited warehouses Jeera stocks gained by 18 tonnes to 1123 tonnes.In Unjha, a key spot market in Gujarat, jeera edged up by 20 Rupees to end at 18990 Rupees per 100 kg.

Mentha oil trading range for the day is 916.8-981.Mentha oil spot at Sambhal closed at 1088.10 per 1kg. Spot prices was up by Rs.4.00-.Mentha oil prices gained on short covering on the back of pick-up in spot demand.Besides, tight stocks position following restricted arrivals from major producing belts of Chandausi in Uttar Pradesh also provided support to mentha oil prices.However the increase in growth and production of synthetic mentha is also hampering the demand.

Aluminium trading range for the day is 122.4-124.8.Aluminium prices ended with gains as support seen after LME stocks were at their lowest since 2008.A faster-than-expected slowdown of growth in Chinas manufacturing sector in April weighed on prices. An official survey showed that producer price inflation cooled and policymakers efforts to curtail financial risks in the economy weighed on demand.

Nickel trading range for the day is 606.9-624.3.Nickel prices rose as support seen since Philippine Environment Secretary Regina Lopez said she would ban open-pit mining.Chinas nickel imports in the first three months of the year were 43,382 tonnes, down 60 percent from the same period last year.LME warehouse stocks at 379,338 tonnes account for about 20 percent of global nickel consumption estimated at about 2 million tonnes this year. C

Zinc trading range for the day is 167.5-172.9.Zinc gained on short covering after prices dropped on concern about demand in top metals market China and scepticism about proposed US tax cuts.The global zinc market is forecast to register a deficit of 226,000 tonnes in 2017, the International Lead and Zinc Study Group (ILZSG) said.This was not as deep a deficit as a consensus estimate of 392,000 tonnes.

Copper trading range for the day is 365.7-392.5.Copper rose after news that workers from the Indonesian unit of Freeport McMoRan Inc staged a rally near its Papua mine, protesting against layoffs by the miner.However upside seen limited amid a soft reading on Chinas manufacturing sector released over the weekend.The official manufacturing PMI dipped to a six-month low of 51.2 in April from 51.8 in March, below the forecast for 51.6.

Natural gas trading range for the day is 201.5-215.9.Natural gas dropped in the line of expectation as cool weather raised long-term concerns that summer heat wont show up in full force.Investors are likely to continue to be more focused on the short-term weather pattern than the longer-term weather outlook for the summer. Natgasweather.com is calling for cooler than normal temperatures over US later this week, while warm over the West.

Crude oil trading range for the day is 3108-3190.Crude oil dropped as a recovery in Libyan output and rising U.S. supplies raised worries that OPEC-led production cuts may not significantly tighten a bloated market. Irans oil minister said that OPEC and non-OPEC countries had given positive signals for an extension of output cuts, which Tehran would also back.Saudi Arabias Energy Minister Khalid al-Falih said there was consensus with Central Asia over oil markets and production levels.

Silver trading range for the day is 38679-40267.Silver dropped as pressure seen after U.S. congressional leaders reached an agreement to fund the government through the fall.Prices struggled on a raft of sluggish U.S. economic data, as consumer sentiment fell more than expected while U.S. economic growth slowed in the first quarter of the year.Holdings at ishares silver trust gained by 0.34% i.e. 35.33 tonnes to 10308.30 tonnes from 10272.97 tonnes.

Gold trading range for the day is 28470-28986.Gold fell after the dollar edged up as U.S. congressional negotiators hammered out a deal on a spending package to keep the federal government funded through September.The U.S. economy grew at its weakest pace in three years in the first quarter as consumer spending almost stalled.Data showed Swiss gold exports to Hong Kong, China and India rose in March, while Chinese gold production fell in the first quarter.

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